Saudi Housing ministry issues 31,200 VAT exemptions

17/03/2019 Argaam

 

Saudi Arabia’s Ministry of Housing issued 31,170 value-added tax (VAT) exemption certificates to first-time homebuyers from the program launch until the end of February 2019.

 

The ministry issued 19,470 exemption certificates to beneficiaries, the ministry said in a statement.

 

It was followed by Real Estate Development Fund (REDF) and other issuing entities with 5,902 and 5,792 certificates, respectively.

 

In January 2018, King Salman issued a royal decree stating that the Kingdom will bear the burden of VAT in some situations, including the first purchase of a house that is valued at up to SAR 850,000, Argaam reported.

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